(ACG 2021) Principles of Financial Accounting: If you would be so kind as to help me with this problem i would appreciate it so much, thank you :)
ACC 2021 Comprehensive Problem (60 Pons ACcounting Tuete This project is a review of the accounting cycle that has been covered during class. Prepare all information in a professional manner and show details as needed. You should complete on the pages included. Read the entire project and review all information prior to starting On Januarny 2,2010, Jerr Andrews, a dentist opened a dental office. The following transactions were completed during the first month of operations. Jan 2 Jerry invested $30,000 cash and $13,200 worth of dental equipment in the business Jan 3 Jan 4 Jan 5 Jan 6 Jan 9 Jan 10 Jan 11 in exchange for common stock in a new corporation called J.A Dentist, Inc. Paid four months rent of $2,000. Purchases $1,000 of dental supplies and paid cash. Paid insurance premiums of $3,600 for a 1-year insurance policy. Earned and collected dental fees of $14,600 in cash during week. Paid secretary a salary of $1,200. Purchased $300 of dental supplies on account. Bought an automobile for business use. It cost $13,000. Jerry paid $3,000 cash and signed a note for the balance. Jan 13 Received a $240 telephone bill that will be paid later in the month. Jan 13 Billed customers $6,000 for dental fees earned during the week Jan 16 Received a $150 electric Bill (Utility Expense) that will be paid later in the month. Jan 18 Paid $300 for dental supplies purchased on Jan 10 Jan 20 Earned and collected dental fees of $4,500 in cash during the week. Jan 23 Paid $450 for advertising in a local newspaper. Jan 23 Received a $75 water bill (Utility Expense) Jan 25 Received $2,500 from customers on account. Jan 27 Paid a dividend of $3,500 to Jerry Andrews, the sole stockholder. Jan 30 Paid the utility bills (water, telephone, electric). Jan 30 Billed customers $2,000 for dental fees earned during the week. Jan 31 Received $1,500 from customers on account. The chart of accounts for JA. Dentist, Inc. contains the following accounts Revenue Service Revenue Assets Cash Accounts Receivable Dental Supplies Prepaid Insurance Prepaid Rent Dental Equipment Automobile Advertising Expense Insurance Expense Rent Expense Salary Expense Supplies Expense Telephone Expense Utility Expense Accounts Payable Notes Payable Salaries Payable Stockholders Equity Common Stock Retained Earnings Dividends Required 1. Jounalize the January 2010 transactions on the attached journal paper. Omit the journal 2. Post to ledger accounts via attached T account sheet. 3. Prepare a trial balance for January 2010 on attached sheet 4. Record the following adjusting entries on the attached journal paper, then post the adjusting entry descriptions. entries to the existing T accounts. a. Dental supplies on hand at the end of the month amount to $350. b. Make the adjusting entry for the insurance premiums expired. c. Accrued $840 for salary eaned that will be paid in February d. Make the adjusting entry for rent expense. e. Ignore depreciation for the month of January- no adjustment needed. Prepare an adjusted trial balance for January 31, 2010 on the sheet attached Prepare the income statement, statement of retained earnings and classified balance sheet as of January 31, 2010. Prepare the statements on the attached sheets (pages 10 and 1,1) Since January 31 2010 is the end of the fiscal year, record the closing entries on the journal paper and post the closing entries to the existing T accounts. 5. 6. 7. 8. Prepare a post closing trial balance as of January 31, 2010 on the attached sheet *Check figures: Trial Balance $80,300; Total Assets $72,935; Net Income: $22,395* Journal entries for Requirement #1. Date Account Title Credit Debit 300 O 13,200 San 2 Cash Common Stock 3, 200 2000 |Den tal-supplies Jan C er ,Coo 1,200 300 Auto mobile 0o0 Journal entries for Requirement #1. Debit Credit Date Account Title ach u.Soo Service zesenve .soo an 22 utiihes Exreos 2.900 Ca 3500 ash Service Resove 2,00 counts Recevable 500 Journal entries for Requirement #4-Adjusting Entries Date Account Title Debit Credit Journal entries for Requirement #7-Closing Entries Account Title Debit Credit Date T accounts for requirements 2,4 and 7 Accounts Payable Cash Notes Payable Accounts Receivable ble Common Stock Dental Supplies Prepaid Insurance Dividends Dental Equipment Income Summary Automobile T accounts for requirements 2, 4 and 7 Service Revenue Supplies Expense Advertising Expense Insurance Expense Rent Expense 7 Trial Balance for requirement 3 Adjusted Trial Balance for requirement 5 Income Statement for requirement 6 Statement of Retained Earnings for requirement 6 10 aalance Sheet for requirement 6 Post Closing Trial Balance for requirement 8 12
